This paper offers an explanation for observed differences across countries in educational policies and in resulting interpersonal distributions of human capital. We analyse a generalequilibrium model in which, as a result of the apportionment of natural ability, nurturing, and publicly financed...

In this essay I define money to be whatever objects serve as generally acceptable media of exchange and I define monetary economics to be the study of the causes and economic consequences of the monetization of exchange -- that is, of the use of media of exchange. These definitions lead me to...

This paper describes an empirical study of the effects of federal minimum wage policy on aggregate employment, on the employment of various demographic groups, and on employment in low-wage industries. The analytical framework permits separate testing both for direct employment effects of the...